Common use of RATE AND METHOD OF PAYMENT Clause in Contracts

RATE AND METHOD OF PAYMENT. a. The Board agrees to make annual payments to the United States as compensation for the benefits received under this exchange Contract. This annual payment is based on the annual contract rate multiplied by the number of acre feet depleted each year. The annual contract rate is $ per acre-foot (Contract Rate). The Contract Rate for each acre-foot of exchange water will be reviewed and adjusted every 5 years applying the Construction Cost Index.

RATE AND METHOD OF PAYMENT. a. The Board agrees to make annual payments to the United States as compensation for the benefits received under this exchange Contract. This annual payment is based on the annual contract rate multiplied by the number of acre acre-feet depleted each year. The annual contract rate is $ per acre-foot AF (Contract Rate). The Contract Rate for each acre-foot of exchange water will be reviewed and adjusted every 5 years applying the Construction Cost Index.